Dewan Motors posts loss after tax of Rs23m

Loss per share amounts to Rs0.26 in Oct-Dec

Our Correspondent February 28, 2017

KARACHI: Dewan Farooque Motors Limited (DFML) has posted a loss after taxation of Rs23 million in the second quarter ended December 31, compared with a loss of Rs30 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Monday.

Loss per share (LPS) amounted to Rs0.26 from an LPS of Rs0.27 in the period under review. The company’s loss in the first six months (Jul-Dec) stood at Rs30 million in the fiscal year 2016-17, significantly lower compared with a loss of Rs62 million in the same period last year.

Dewan Farooque to resume production from October

On Monday, the company’s share price closed at Rs32.37, up 5% from its last day’s closing price on a day when the KSE-100 index closed at 48,520, down 487 points or 0.99%.

DFML had resumed vehicle assembling in the second half of 2016. The company entered into a toll manufacturing agreement with Daehan-Dewan Motor Company Private Limited, which is a joint venture between Dewan Yousuf Companies and the Kolao Group based in Laos and South Korea.

The resumption of production by Dewan Farooque was planned with the re-launch of Shehzore 1-ton single rear-wheel truck along with Hyundai Powertrain.

Published in The Express Tribune, February 28th, 2017.

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